Glossary · estimating
Salvage
Value of damaged items the carrier recovers after paying the claim.
When carriers pay a total loss, they typically take salvage rights. You forfeit ownership of the damaged item. Understand this before accepting a total loss payout.
In practice
Where you encounter "Salvage" in Florida claims
Policyholders see "Salvage" referenced in policy language, claim correspondence, and carrier scope of loss documents. Knowing the precise definition under Florida practice keeps you from accepting carrier framing. See also FS 626.854 and FS 627.70131.
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Know these too
Related terms
Estimate
Projected cost of repair.
Xactimate
Industry-standard insurance estimating software.
Line Item
A single entry in a scope of loss, with quantity and price.
Price List
Regional labor and material cost reference used in estimates.
O&P
Contractor overhead and profit, typically 20% added to estimates.
Sales Tax
Tax on material costs, added to estimates.
Know the law
Related statutes
FS 626.854 Public Adjusters
Your right to professional representation.
FS 627.70131 Carrier Duties
What carriers must do and when.
FS 627.70132 Notice Deadlines
When you must file.
FS 627.7142 Bill of Rights
What the carrier owes you.
FS 626.9744 Matching
Reasonable matching requirement.
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Go deeper
Where else this term matters
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Glossary
Related insurance terms
Lloyd's Syndicate
Related glossary entry: Lloyd's Syndicate.
Release
Related glossary entry: Release.
Endorsement
Related glossary entry: Endorsement.
Statute of Limitations
Related glossary entry: Statute of Limitations.
Covered Cause of Loss
Related glossary entry: Covered Cause of Loss.
Open Claim
Related glossary entry: Open Claim.
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- ✓Licensed Florida public adjusters
- ✓We work for policyholders, not insurance companies
- ✓No fee unless we recover more than you were offered
What kind of damage?
Pick the closest match. We will ask for details later.
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